What MRC Global Employees Should Know About Caring for Aging Parents
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'Many MRC Global employees underestimate how caregiving responsibilities may influence their long-term planning. To prepare thoughtfully and involve the right professionals, it's important to start these conversations early.' — Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.
'Many MRC Global employees face unexpected pressure when aging parent responsibilities arise. I believe early planning and open family communication can help households navigate these challenges with greater clarity.' — Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
Key warning signs that aging parents may need additional support.
Essential legal and health care preparations to help families stay organized.
How to coordinate family involvement and emotional readiness during caregiving.
Many MRC Global employees in their mid-50s to early 60s come to discover that their retirement planning may have to expand to include the needs of their aging parents. As America’s population grows older, adult children frequently take on caregiving responsibilities for parents facing health issues, financial weaknesses, and cognitive decline. These realities influence family dynamics, investments, estate planning, taxes, and emotional well-being.
“Your parents' financial vulnerabilities become your financial stress unless you plan ahead and take a proactive role,” explains Brent Wolf, CFP®, an advisor at Wealth Enhancement.
Below are key considerations for individuals ages 55 to 65 who are preparing to support elderly parents.
1. Recognize the Early Signs of Cognitive Decline
For many families, cognitive decline in an aging parent typically appears gradually. Early warning signs may include:
- Repeatedly forgetting conversations
- Missing or duplicating bill payments
- Confusion about routine transactions
- Financial decisions influenced by new “friends”
- Unusual wire transfers or unexpected spending changes
Your role is not to diagnose—your role is to observe and speak up early. By addressing concerns promptly, you, your family, and your advisory team can potentially help mitigate the risk of future financial or cognitive harm.
2. Put Durable Power of Attorney and a Trusted Contact in Place
If a parent becomes cognitively impaired without a durable power of attorney, families often face a costly, lengthy conservatorship process. MRC Global employees can address this by planning ahead.
Consider getting the following key documents in place:
- A trusted contact authorization
- Durable Power of Attorney for finances
- HIPAA releases and health care power of attorney
- Updated beneficiary designations, wills, and trusts
These steps can help reduce uncertainty and lessen the risk of financial exploitation should a parent become more vulnerable.
3. Prepare for Health Care Shock: Medicare Has Gaps
Many households are surprised by how much Medicare does not cover. Common out-of-pocket costs include:
- Long-term custodial care (memory care, assisted living, in-home support)
- Prescription drugs
- Private caregivers and care managers
- Out-of-pocket deductibles and co-pays
To plan effectively, MRC Global employees should understand:
- What your parents’ insurance covers
- Their likely care expenses
- Whether self-funding or long-term care strategies may fit
- Whether Medicaid planning (with its five-year look-back) should begin early
Health care decisions become more urgent if cognitive decline is a concern.
4. Guard Your Parents Against Financial Abuse
Financial abuse is a growing threat for older adults—including parents of MRC Global employees. Common scams include:
- Romance schemes
- Fake IRS, FedEx, or government calls
- “Grandchild in trouble” scams
- Caregiver misconduct
- Pressure from acquaintances or distant relatives
- Fraudulent investment pitches
Adult children often hesitate to intervene, but silence can increase risk. Advisors can help monitor accounts, identify unusual activity, and place temporary holds when needed.
5. Organize the “Invisible” Parts of Their Financial Life
By age 80, even financially experienced parents may struggle to keep up with routine obligations such as:
- Required minimum distributions
- Quarterly tax payments
- Charitable documentation
- Insurance renewals
- Online passwords
- Property tax deadlines
- Portfolio withdrawal planning
Advisors can help reduce errors by automating tasks, consolidating accounts, and simplifying processes.
6. Bring the Entire Family Into the Conversation Early
The most challenging situations often arise when adult children learn of issues only after a crisis. MRC Global employees may benefit from:
- Annual family meetings
- Clear conversations about parents’ wishes
- Defined caregiving and financial roles
- Discussions around independence and dignity
Proactive communication may helps mitigate conflict and avoid last-minute decisions during emergencies.
7. Prepare Yourself Emotionally and Financially
Caring for aging parents can influence:
- Retirement timing
- Your ability to continue working
- Your cash flow
- Your mental and emotional resilience
Advisors can help you develop:
- A dedicated “parent care fund”
- Tax-efficient withdrawal strategies
- Cash flow outlines that factor in elder care
- Estate plans that reflect multigenerational needs
With thoughtful planning, supporting your parents does not have to disrupt your retirement goals—even for MRC Global employees navigating complex benefits.
8. Build a Team-Based Approach
Families caring for elderly parents often benefit from a coordinated team that may include:
- A financial advisor
- An attorney with experience working with seniors
- Tax specialist
- Geriatric care manager
- Estate planning attorney
- Health care advocates
Working together, these professionals can help manage risk for both parents and adult children through a unified strategy.
Conclusion
Aging is inevitable—but it does not have to create chaos. Early planning, while parents are still capable, can lessen emotional strain, help minimize family conflict, and ideally reduce the likelihood of financial harm.
“The best gift you can give your aging parents is structure, clarity, and a financial advocate who supports them when they can no longer support themselves,” says Brent Wolf.
For MRC Global employees ages 55 to 65, now is the time to act.
Taking the Next Step
The Retirement Group can help you design a Parent Care Plan that includes financial oversight, health care review, legal preparation, and fraud monitoring.
To speak with a team member who can guide you through each stage of the process, call
(800) 900-5867
.
We are here to support you, your parents, and your family through every stage of life.
What type of retirement plan does MRC Global offer to its employees?
MRC Global offers a 401(k) retirement savings plan to its employees.
How can employees participate in MRC Global's 401(k) plan?
Employees can participate in MRC Global's 401(k) plan by enrolling during the open enrollment period or when they first become eligible.
Does MRC Global match employee contributions to the 401(k) plan?
Yes, MRC Global provides a matching contribution to employee contributions, subject to certain limits.
What is the maximum contribution limit for MRC Global's 401(k) plan?
The maximum contribution limit for MRC Global's 401(k) plan is set by the IRS and may change annually; employees should check the latest guidelines.
Are there any eligibility requirements to join MRC Global's 401(k) plan?
Yes, MRC Global has specific eligibility requirements, which typically include age and length of service with the company.
Can employees take loans against their 401(k) balance at MRC Global?
Yes, MRC Global allows employees to take loans against their 401(k) balance, subject to the plan's terms and conditions.
How can employees access their 401(k) account information at MRC Global?
Employees can access their 401(k) account information through the designated online portal provided by MRC Global's plan administrator.
What investment options are available in MRC Global's 401(k) plan?
MRC Global's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.
Does MRC Global allow for Roth 401(k) contributions?
Yes, MRC Global offers the option for employees to make Roth 401(k) contributions, allowing after-tax savings.
What happens to my 401(k) funds if I leave MRC Global?
If you leave MRC Global, you can choose to roll over your 401(k) funds to another retirement account, cash out, or leave the funds in the plan, subject to certain conditions.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Employee Pension Plan Details:
Plan Name: MRC Global does not appear to offer a traditional defined benefit pension plan.
Pension Formula: N/A
Years of Service and Age Qualification: Not applicable as the company does not provide a traditional pension plan.
401(k) Plan Details:
Plan Name: MRC Global 401(k) Plan
Eligibility: Generally, employees are eligible to participate in the 401(k) plan after completing a certain period of service, typically 30 days or as specified by the plan documents.
Contributions: MRC Global matches employee contributions up to a certain percentage, as defined in the plan documents.
Layoffs and Restructuring: Flipper Inc. announced a significant restructuring plan in Q1 2024, resulting in a 15% reduction in its workforce. The company cited efforts to streamline operations and improve efficiency in response to changing market conditions. Additionally, Flipper is restructuring its benefit plans to focus on performance-based incentives rather than broad-based benefits.
Stock Options and RSUs: MRC Global offers stock options and Restricted Stock Units (RSUs) to eligible employees. Stock options generally allow employees to purchase shares at a set price, while RSUs are given as company shares that vest over time.
Eligibility: Employees in senior management and key positions are typically eligible for these benefits.
Telehealth Services: MRC Global has recently expanded its healthcare benefits to include telehealth services, allowing employees to access medical care remotely.
Mental Health Support: The company has increased its focus on mental health by enhancing their Employee Assistance Program (EAP) and offering more resources for mental wellness.
Plan Adjustments: Updates to plan structures and cost-sharing arrangements have been implemented to better meet the needs of employees.
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